Successors in Interest May Be Toughest Compliance Hurdle in Latest Changes to CFPB Servicing Rule
June 15, 2017
The most challenging aspect of complying with the pending amendments to the Consumer Financial Protection Bureau’s mortgage servicing rule will be implementing the successors-in-interest provisions, according to industry experts. Most of the revisions to the rule, issued last year by the CFPB, take effect Oct. 19, 2017. But the successor-in-interest requirements kick in April 19, 2018. Addressing an audience at the 2017 American Bankers Association regulatory compliance conference in Orlando this week, compliance professionals broke...